A simple model of global fuel consumption

被引：2
|
作者：
Bilgin, Doga [1 ]
Ellwanger, Reinhard [2 ]
机构：
[1] Univ Chicago, Dept Econ, Chicago, IL 60637 USA
[2] Bank Canada, Int Econ Anal Dept, Ottawa, ON K1A 0G9, Canada
来源：
ENERGY ECONOMICS | 2024年 / 130卷
关键词：
Oil price shocks; Oil demand; Oil supply; Elasticities; Structural modeling; Oil prices and macroeconomic fluctuations; VECTOR AUTOREGRESSIONS; OIL MARKET; DEMAND; PRICE; FLUCTUATIONS;
D O I：
10.1016/j.eneco.2023.107254
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
We present an SVAR model of the global oil market that utilizes information on global oil consumption in the form of fuels. Under mild identifying assumptions, data on global fuel consumption provides comparatively sharp insights into structural parameters of the global oil market. The estimated short -run global fuel demand elasticity with respect to crude oil prices is around -2%, which is considerably more inelastic than estimates of local fuel demand elasticities based on disaggregated data. Our framework provides new evidence on the drivers of oil -market dynamics and on the effects of climate change policies that act through the price of oil.
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页数：15
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